Solar Panel Cost Guide in Richardson, TX (Mar 2023)
- Richardson Solar Installation Cost: $14,518
- 25-Year Savings: $23,962
- Payback Period: 9.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richardson
See how much it might cost to switch to solar power in Richardson.
The national average cost of solar panels is $2.66 per watt, but in Richardson it's 2.69 per watt. The average solar panel system size in Richardson is around 7.7 kilowatts, meaning a cost of about $14,518 for a solar installation, or $20,761 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs will look different based on your specific situation and what company you choose to go with. With average savings of about $19,000 on energy bills over 20 years, many homeowners in Richardson find going solar has a decent ROI.
To receive a free estimate from a top solar installation company in Richardson, you can click the button below.
Solar savings over time in Richardson
| Year | Return on Investment |
|---|---|
| 1 years | $-12,979 |
| 3 years | $-9,900 |
| 5 years | $-6,822 |
| 7 years | $-3,744 |
| 9 years | $-665 |
| 11 years | $2,413 |
| 13 years | $5,492 |
| 15 years | $8,570 |
| 17 years | $11,648 |
| 19 years | $14,727 |
| 21 years | $17,805 |
| 23 years | $20,883 |
| 25 years | $23,962 |
Top Solar Installers in Richardson
Although you can install solar panels by yourself, it takes extra energy and handiness. That's why most homeowners choose to hire a solar panel installer. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance in the long run.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Richardson
Factors that Affect Solar Panel Costs in Richardson
For many Richardson homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Richardson, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Richardson, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $2,690 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Richardson have solar loans, which reduce your upfront costs of installing solar panels. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Richardson, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $18,183 | 9.8 years |
| 8 kW | $2.74 | $15,365 | $24,546 | 9.6 years |
| 10 kW | $2.69 | $18,830 | $31,059 | 9.4 years |
| 12 kW | $2.64 | $22,144 | $37,723 | 9.2 years |
| 14 kW | $2.58 | $25,308 | $44,537 | 9.1 years |
| 16 kW | $2.53 | $28,320 | $51,502 | 8.9 years |
| 18 kW | $2.47 | $31,182 | $58,618 | 8.7 years |
| 20 kW | $2.42 | $33,894 | $65,884 | 8.5 years |
How to Save on Solar Panels
The solar installer you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Contract: Before signing a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Richardson, TX Solar Cost FAQs
How much does it cost to install solar panels in Richardson?
The average cost of solar panels in Richardson is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Richardson?
A solar panel system isn't free in Richardson, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Does Richardson have a net metering program?
Most states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Richardson?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.